Longitudinal Changes in the Relationship between Money, Financial Responsibility and Mental Health in the UK: Are we Becoming Less Future Focused?

Abstract

This paper investigated the changing relationship between socioeconomic factors and mental health over time. Data were analysed from the Understanding Society Database, a representative sample of the UK population consisting of a potential of 150,393 respondents. Multiple regression coefficients over 13 years were compared over time to analyse effects of various financial predictors on mental health. Data was then split according to who reported financial responsibility for the household to investigate the effect of financial responsibility. While analysis suggested a similar pattern of predictors for mental health from the range of socioeconomic variables selected relative to other studies, temporal analysis demonstrated that perception of one's future financial position diminished in influence on mental health over time, whereas financial variables which were grounded in one’s current situation increased in predictive power. The results suggest that individuals are more concerned with current financial pressures and are less affected by what may happen in the future. The results also suggested that financial responsibility was not a strong predictor of the influence of financial situation on mental health. This finding has potential implications for employers, policy makers and mental health practitioners.